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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1995 <br />Note 18 PRIOR PERIOD ADJUSTMENTS <br />During the year ended December 31, 1995, the City completed a physical inventory of all assets recorded in <br />the General Fixed Asset Account Group and Proprietary Funds. Values were recorded as described in Note 2. <br />The inventory resulted in adjustments to the December 31, 1994 balances as follows: <br />GENERAL FIXED ASSET ACCOUNT GROUP: <br />December 31, 1994 <br />As Previously <br />Reported Adjustments As Adjusted <br />Land and improvements $310,010 $319,590 $629,600 <br />Buildings and structures 636,823 861,277 1,498,100 <br />Furniture and equipment 1,677,500 (878,954) 798,546 <br />Machinery and vehicles 6,216 595,016 601,232 <br />Other improvements - 150,813 150,813 <br />$2,630,549 $1,047,742 53,678,291 <br />PROPRIETARY FUNDS: <br />No adjustments were required to the Proprietary Funds December 31, 1994 fixed asset balances. <br />The 1994 totals have been restated to reflect the aforementioned increases and decreases resulting from the <br />inventory of the assets recorded in the General Fixed Asset Account Group as of December 31, 1994. <br />Note 19 COMMITTED CONTRACTS <br />At December 31, 1995, the City had the following commitments for uncompleted construction contracts: <br />Fund/Project Amount <br />Area and Unit Charge: <br />Well #3 $8,257 <br />Well Pumphouse #4 260,317 <br />1994 Construction: <br />Hodgson Road watermain 26,636 <br />Country Lakes Estates II 6,088 <br />1995 Construction: <br />Woods of Baldwin Lake 2nd 882 <br />46 <br />